What Is Disability Insurance?
Disability Insurance provides partial income so you can pay your bills if you become too sick or injured to work. Disability occurs more often than you may be aware. In fact, more disabilities are caused by illness than injury, including common conditions such as heart disease and arthritis. Most disabilities are covered by Workman’s Compensation.
Why Do I Need It?
If you depend on the income you receive through work to pay your expenses, then you should probably consider speaking with a qualified insurance agent, such as Malpigli & Associates about purchasing disability insurance. Disability insurance ensures that you can continue to receive partial income if you end up too sick or injured to work.
How Does Disability Insurance Work?
Most disability insurance pays you a percentage of your income if you get sick with a serious illness or experience an injury (not covered by Workers Compensation) which prevents you from performing your job. Some cover you in the short term immediately after an incident, while other pay you if your injury lasts for an extended period.
It Provides Protection For Small Business Owners
In addition to protecting your income, disability insurance for small business owners can help safeguard the key areas your absence would impact, including:
- Coverage for business expenses;
- Safeguard your ability to pay business loans;
- Protect your firm if your business partner becomes too sick or injured to work.